Kenyans React After Meg Whitman Said IMF Pulled Down Funding To Kenya: "We Don't Want Loans"

• US ambassador Meg Whitman revealed that the International Monetary Fund (IMF) withdrew funding to Kenya due to the rejection of the Finance Bill 2024
• President William Ruto declined to sign the Finance Bill 2024 into law following massive protests countrywide
• Kenyans on social media protested against Whitman's statement, arguing that the IMF was overburdening the country with loans

TUKO.co.ke journalist Japhet Ruto has over eight years of experience in financial, business, and technology reporting and offers profound insights into Kenyan and global economic trends.

On Tuesday, August 27, the United States (US) ambassador to Kenya, Meg Whitman, revealed that the International Monetary Fund (IMF) withdrew funding to Kenya due to the rejection of the Finance Bill 2024.

Why the IMF failed to approve a loan to Kenya

Whitman noted that the IMF was due to approve a loan to Nairobi on June 12.

However, after President William Ruto declined to sign the Finance Bill 2024 into law, the IMF withheld the funds.

The bill was meant to raise over KSh 300 billion to finance the 2024/2025 budget.

"The IMF was going to approve a disbursement around June 12, but when the Finance Bill got pulled down, they could no longer do it. I believe it is important for that disbursement to be given out because Kenya faces a very difficult situation," Whitman disclosed in an interview with Citizen TV.

How did Kenyans react to Whitman's statement?

TUKO.co.ke sampled some comments:

@messedup_yes:

"Where did Meg Whitman get the audacity to come talk about our issues as Kenyans on national TV? We don't want loans."

Fredy Maina:

"IMF member states are European nations, USA, Israel and Japan. All these nations want to keep loaning Africa. They love it when we are from debt to debt."

@mnubi_:

"We don't need you and your money."

Nurse Karen:

"Why are the West Controlling us?"

Stella Wavish:

"The problem is not IMF but the wanton corruption done with those funds when they reach Kenya. We can’t keep bearing that burden."

Kiprono Eliud:

"Ladies and gentlemen, Kenya has been receiving all kinds of aid from these developed countries for over 60 years now. World Bank and IMF have been disbursing these loans for decades and these loans have never helped us. The money gets stolen and we end up paying for debts we never."

RK:

"Kenya has no difficult situation...we don't want loans unless they fund specific projects not hot air projects. The contractors should be paid after work finished."

Why did Ruto withdraw the Finance Bill 2024?

The International Monetary Fund (IMF) backed the Finance Bill 2024 despite massive protests against the introduction of new taxes.

It asked Ruto's government to remain committed to reforms under its programme as it warned of a shortfall in revenue collection.

Ruto declined to sign the bill into law after massive demonstrations rocked the country.

What to know about IMF loans to Kenya

• Kenya is among the African countries with the highest IMF debt.
• As of June 3, the IMF's total funding to Kenya across three facilities was KSh 332.5 billion.
• Kenyans have, on several occasions, asked the IMF to stop lending to Kenya and condemned the Bretton Woods institution for negotiating multi-billion loans with President William Ruto against their wishes.

Proofreading by Asher Omondi, current affairs journalist and copy editor at TUKO.co.ke.